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Elon Musk to pay $20 billion and step down as Tesla chairman

Elon Musk has been charged by SEC for misleading the investors in his tweets about privatizing Tesla. Musk has been fined $20 billion and he also needs to step down as the chairperson of the board. However, he will remain as the CEO of Tesla. On August 7th, Musk tweeted about securing the fund for privatizing Tesla and the Tesla fund spiked up significantly. SEC launched the investigation following that.